Published:
Utilisation assumption for China Longyuan Power jumped to 2,125 hours
From just 2,050 hours.
According to Nomura, in light of management’s positive utilisation/curtailment guidance at Longyuan’s (LY) 3QFY13 results briefing on 31 Oct, and with the benefit of 10 months of published operational data, Nomura has revised up their FY13F wind farm utilisation assumption to 2,125hrs from 2,050hrs previously.
"With the majority of a wind farm operator’s costs fixed in nature, the noted changes underpin an 11-16% upward revision to our FY13-15F earnings forecasts and an 18% increase to our DCF-derived TP to HK$11.20/share. We reiterate our Buy call on LY as our top pick in the PRC wind farm operator space," Nomura said.
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